<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ABBVIE INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>3426</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>60700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGNICO EAGLE MINES LTD CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008474108</cusip>
			<value>3488</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91080</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>91080</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHA PRO TECH LTD CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020772109</cusip>
			<value>8</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERCO CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023586100</cusip>
			<value>291</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN INTL GROUP, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>5458</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARROW ELECTRONICS INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>042735100</cusip>
			<value>449</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7426</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>7426</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>2306</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>150000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BARCLAYS BK PLC-IPATH S&amp;P 500 *VIX S-T FUTURES ETN NEW 2013 FUTURES ETN NEW 2013 ETN</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>06742E711</cusip>
			<value>29</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670108</cusip>
			<value>7026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>37</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOGEN IDEC INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>3153</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLACKSTONE MORTGAGE TRUST INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09257W100</cusip>
			<value>2628</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90606</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>90606</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS CAREMARK CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>754</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CBS OUTDOOR AMERICAS INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14987J106</cusip>
			<value>1654</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>50600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELGENE CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>5153</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CENTRAL SECURITIES CORP. MUTUAL FUND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>155123102</cusip>
			<value>171</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>7300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIBER INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17163B102</cusip>
			<value>988</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONTINENTAL BLDG PRODS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>211171103</cusip>
			<value>328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>21300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONTINENTAL MATERIALS CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>211615307</cusip>
			<value>75</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4771</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4771</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COOPER-STANDARD HOLDINGS INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21676P103</cusip>
			<value>152</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2295</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2295</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DAEGIS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>233720101</cusip>
			<value>2</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOVER DOWNS GAMING &amp; ENTMT INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260095104</cusip>
			<value>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16157</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>16157</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELLINGTON RESIDENTIAL MORT REIT CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>288578107</cusip>
			<value>1438</value>
			<shrsOrPrnAmt>
				<sshPrnamt>84425</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>84425</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>E Z CORP INC CL-A NON VTG CMN CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>302301106</cusip>
			<value>1465</value>
			<shrsOrPrnAmt>
				<sshPrnamt>126804</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>126804</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDERATED NATL HLDG CO CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31422T101</cusip>
			<value>1913</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>75000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDFIRST FINANCIAL CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31429C101</cusip>
			<value>96</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4390</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4390</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRST CMNTY CORP S C CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>319835104</cusip>
			<value>206</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19301</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19301</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORTRESS INVESTMENT GROUP LLC CMN CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34958B106</cusip>
			<value>2046</value>
			<shrsOrPrnAmt>
				<sshPrnamt>274982</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>274982</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GABELLI HEALTHCARE &amp; WELLNESSR*X TRUST (THE) MUTUAL FUND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36246K103</cusip>
			<value>113</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10925</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10925</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENVEC INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37246C307</cusip>
			<value>30</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>11800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GIBRALTAR INDUSTRIES INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>374689107</cusip>
			<value>593</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38233</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>38233</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>4477</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>54000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GUARANTY FEDERAL BANCSHARES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40108P101</cusip>
			<value>63</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARVARD BIOSCIENCE INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>416906105</cusip>
			<value>28</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>6200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HORSEHEAD HOLDING CORP. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>440694305</cusip>
			<value>91</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUDSON GLOBAL, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>443787106</cusip>
			<value>19</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4845</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4845</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IGNYTA INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>451731103</cusip>
			<value>348</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38292</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>38292</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IMPERIAL HOLDINGS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452834104</cusip>
			<value>83</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>12100</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INSPERITY INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45778Q107</cusip>
			<value>33</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INSTALLED BLDG PRODS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45780R101</cusip>
			<value>123</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>INTERMUNE, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45884X103</cusip>
			<value>1104</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>25000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE &amp; CO CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>2305</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KEMET CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>488360207</cusip>
			<value>1</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LEUCADIA NATIONAL CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>527288104</cusip>
			<value>535</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LUBYS INC CMN STOCK CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>549282101</cusip>
			<value>5</value>
			<shrsOrPrnAmt>
				<sshPrnamt>900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MFC INDUSTRIAL LTD CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55278T105</cusip>
			<value>817</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106855</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>106855</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>MVC CAPITAL INC CLOSED END FUND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>553829102</cusip>
			<value>716</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55278</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>55278</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>MACROGENICS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>556099109</cusip>
			<value>1087</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MACY&apos;S INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55616P104</cusip>
			<value>899</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15502</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>15502</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARCHEX INC CMN CLASS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56624R108</cusip>
			<value>202</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16813</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>16813</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MERCK &amp; CO., INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>2025</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROSOFT CORPORATION CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>4170</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MYLAN INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>628530107</cusip>
			<value>2578</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NATURES SUNSHINE PRODS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>639027101</cusip>
			<value>408</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24035</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>24035</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORDSTROM INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655664100</cusip>
			<value>68</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>1026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OLD REPUBLIC INTL CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>680223104</cusip>
			<value>83</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OXIGENE INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>691828404</cusip>
			<value>256</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>99000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PACIFIC PREMIER BANCORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69478X105</cusip>
			<value>1147</value>
			<shrsOrPrnAmt>
				<sshPrnamt>81391</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>81391</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QC HOLDINGS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74729T101</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2749</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2749</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RADIANT LOGISTICS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75025X100</cusip>
			<value>26</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8410</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8410</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RICE ENERGY INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>762760106</cusip>
			<value>448</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>14700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78462F103</cusip>
			<value>298174</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1523471</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1523471</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SMITH &amp; WESSON HOLDING CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>831756101</cusip>
			<value>204</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOCIEDAD QUIMICA MINERAL DE CHILE S A SPON ADR REPSTG SER B SHS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>833635105</cusip>
			<value>1161</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>39600</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>SPRINGLEAF HOLDINGS INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85172J101</cusip>
			<value>794</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30590</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>30590</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>STARWOOD PROPERTY TRUST INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85571B105</cusip>
			<value>1174</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>49400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TESARO INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>881569107</cusip>
			<value>778</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>25000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>TEVA PHARMACEUTICAL IND LTD ADS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>881624209</cusip>
			<value>5242</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>3M COMPANY CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>1432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TOLL BROTHERS, INC. CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>889478103</cusip>
			<value>894</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24231</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>24231</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TUCOWS, INC. CMN CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>898697206</cusip>
			<value>346</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28239</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>28239</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>2U INC CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90214J101</cusip>
			<value>170</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>10100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>U.S. GLOBAL INVESTORS INC A CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902952100</cusip>
			<value>4</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED INSURANCE HOLDINGS CORP CMN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>910710102</cusip>
			<value>3426</value>
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			<nameOfIssuer>VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF</nameOfIssuer>
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			<nameOfIssuer>XENCOR, INC. CMN</nameOfIssuer>
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			<nameOfIssuer>YAMANA GOLD INC CMN</nameOfIssuer>
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			<nameOfIssuer>BLUE CAPITAL REINSURANCE HOLDI*NGS LIMITED CMN</nameOfIssuer>
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			<nameOfIssuer>ESSENT GROUP LTD. CMN</nameOfIssuer>
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			<cusip>G3198U102</cusip>
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			<nameOfIssuer>GREENLIGHT CAPITAL RE LTD-A CMN</nameOfIssuer>
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			<cusip>G4095J109</cusip>
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			<nameOfIssuer>MALLINCKRODT PUBLIC LIMITED CO CMN</nameOfIssuer>
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			<nameOfIssuer>NORD ANGLIA EDUCATION, INC. CMN</nameOfIssuer>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>MAGICJACK VOCALTEC LTD CMN</nameOfIssuer>
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			<cusip>M6787E101</cusip>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<Sole>1000</Sole>
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</informationTable>
